Paysera launches a partnership with Ria Money Transfer, a global leader in the cross-border money transfer industry and business segment of Euronet Worldwide, Inc. that enables clients to send money not to a bank account but to the nearest Ria cash pickup location. Ria’s network includes 522,000 cash pickup locations in 152 countries throughout the world.
“Sometimes it’s not possible to transfer money to a bank account because the recipient doesn’t have a local bank account. For example, in Turkey, a country of 85 million people, 26% of the adult population does not have a bank account. This amounts to 17 million people. It is quite common not to have an account in other parts of the world”, says Gintautas Mezetis, CEO of Paysera LT.
Latest Fintech News: Indelve Partners with Mysten Labs to Launch Blockchain-Based Game Trantorian
“Even if the recipient has an account, it may not be linked to a debit card, the card may have been lost or there may be no ATMs around to withdraw the money. An international transfer from Europe to Asia is sometimes more expensive than an alternative cash pickup transfer. Therefore, there are many situations where cash pickup transfers are useful and necessary,” says G. Mezetis.
Paysera anticipates that the new cash pickup transfer service will become appealing to migrants working in developed European countries who send money home to their relatives. Moreover, it is hoped that this service will be of assistance to Ukrainian citizens who temporarily reside in EU countries due to the war and are looking for ways to transfer money back to their home country.
Latest Fintech News: Sound Point Capital Provides Financing to Support the Acquisition of Gannett Fleming
“Remittances sent from relatives working in the EU to their loved ones can make up a significant part of the family budget, supporting their basic needs, such as health, food and education. Partnering with Paysera helps bring more convenience to customers without a bank account to receive financial support sent by relatives working abroad,” says Alla Shelest, Regional Director Business Development at Ria.
Currently, cash pickup transfers at Ria service points are available using Paysera’s electronic banking, and in the first half of 2023, this type of transfer will also be available on the mobile app.
The World Bank estimates that transfers to low- and middle-income countries will grow 2% in 2023 to 639 billion USD (587 billion EUR). Therefore, by being able to offer cash pickup transfers, Paysera strengthens its position in the market for transfers to developing countries. According to the World Bank, 55% of adults in Albania, Uzbekistan, and Kyrgyzstan do not have a bank account, followed by 45% in Armenia, 36% in Moldova, and 16% in Ukraine.
Latest Fintech News: Vestigo Ventures Invests in Calculum, First AI-Driven Treasury Solution to Optimize Working Capital
[To share your insights with us, please write to sghosh@martechseries.com]
